Indian Seamless merges ISMT and ISSAL
According to recent news in the market, Indian Seamless Group has decided to merge Indian Seamless Metal Tubes Ltd (ISMT) with Indian Seamless Steel and Alloys Ltd (ISSAL). The name of the new company is determined as ISMT. The merger, which is expected to reduce fixed costs by Rupees 50-80 million ($1-1.7 million) is also expected to increase the competitiveness of the company in steel tube markets. The combined sales of the two companies amount to Rupees 6.48 billion ($141.8 million) and combined profit amount to Rupees 338 million ($7.4 million).